Comarco Secures New $5.0 Million Credit Facility
2-18-2009LAKE FOREST, Calif., Feb. 18 /PRNewswire-FirstCall/ -- Comarco, Inc. (Nasdaq: CMRO) today announced that it has entered into a new $5.0 million credit facility with Silicon Valley Bank, further strengthening the Company's financial capacity to establish its ChargeSource(R) "Slim and Light" power adapter as a market leader in charging technology for multiple mobile computing devices. The credit facility is subject to normal borrowing base considerations.
"This new line of credit, combined with our existing cash position, provides us with the financial resources we believe we need to execute our business plan," said Winston Hickman, Chief Financial Officer of Comarco. "As we have previously stated, our plan consists of three key initiatives -- executing a new worldwide retail strategy, expanding our relationship with Lenovo and pursuing additional OEM partnerships. Silicon Valley Bank is a well-respected partner and we are very pleased with this demonstration of their confidence in our strategy and ability to achieve our objectives."
About Comarco
Based in Lake Forest, Calif., Comarco is a leading provider of innovative mobile power solutions through its ChargeSource(R) line of multi-function universal mobile power products which can simultaneously power and charge multiple devices such as notebook computers, mobile phones, BlackBerry(R) smartphones, iPods(R), and many other rechargeable mobile devices. More information about Comarco and its product lines can be found at www.comarco.com and www.chargesource.com.
SOURCE Comarco, Inc.
CONTACT: Winston Hickman
Chief Financial Officer of Comarco, Inc.
+1-949-599-7446,
whickman@comarco.com
Investors, Doug Sherk
+1-415-896-6820
dsherk@evcgroup.com
or Jenifer Kirtland
+1-415-896-6820
jkirtland@evcgroup.com, both of EVC Group, Inc.
for Comarco, Inc.
Web Site: http://www.comarco.com